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IRA Capital Enters Seniors Sector with $107M Buy
Private equity firm IRA Capital acquired two newly constructed assisted living and memory care facilities totaling 160 units in the Northern California cities of Dublin (Alameda County) and Novato (Marin County). The $106.5-million transaction marks IRA Capital’s first acquisition in the sector, with a plan to continue strategically acquiring similar well-located assets in high barrier to entry markets along the west coast.
The two class-A facilities are operated by Elegance Senior Living. They include Elegance at Dublin, an 80-unit community, and the 80-unit Elegance Hamilton Hill in Novato.
“The launch of our new seniors housing vertical is consistent with IRA’s goal of pursuing best-in-class assets that drive long-term growth for our investors, while providing quality services for the community,” said IRA Capital co-founder Jay Gangwal. IRA Capital has allocated approximately $1 billion to acquire 2,000-plus senior housing units over the next couple of years.
- ◦Sale/Acquisition
